Integrated Estate Planning

What is Integrated Estate Planning in Nevada?

Integrated estate planning is more than just creating legal documents – it incorporates all your assets and property into a comprehensive estate and asset protection plan.  For example, an integrated estate plan takes your revocable living trust and ties it in with your business.  A properly drafted and integrated estate plan incorporates the following items: 

  • Last Will and Testaments – to distribute your assets according to your wishes along with having the financial and medical powers of attorney coordinate with the executor and personal representative of your Will. 
  • Revocable Living Trusts – this document is the cornerstone or the foundation of your entire estate plan.  This incorporates pour over wills or last wills and testaments with your revocable living trust.  The revocable living trust incorporates all or a portion of your businesses.  The revocable living trust should pour over into your asset protection trust through the merger of trust doctrine. 
  • Tax Planning.  This should be incorporated in your revocable living trust, asset protection trust, businesses, and even in your powers of attorney for financial decisions. 
  • Retirement planning.  This should be incorporated into your estate plan as well since the tax code allows for greater flexibility, tax planning, and asset protection planning by designating certain people as beneficiaries and certain trusts as beneficiaries at certain times.  In other words, there is no straight line or general rule since designating beneficiaries on retirement accounts is a case-by-case scenario and determined based on the client’s goals taking into consideration taxation.  
  • Legacy and Charitable Planning.  This is one hundred percent incorporated into every single financial document prepared by an estate planning attorney.  In other words, regardless of where your assets are owned – revocable living trust, your individual name, asset protection trust, through probate court process using your last will and testament, the importance of hiring a tax law firm to help navigate these charitable distributions allows you to take into consideration the federal income and federal estate tax savings by structuring distributions to the charities or foundations in a tax efficient manner.

 

Nevada Integrated Estate Planning Benefits

  1. Minimizes Taxes.  When integrating a plan, first choose Nevada because we have no state income taxes.  As such, more assets and property go to your beneficiaries not the state and federal government. 
  2. Asset Protection.  When integrating a plan, first choose Nevada because Nevada has the best asset protection- better than any other state- in the nation.  Second, integrating estate and asset protection planning allows assets and property to be distributed to your loved ones.  What’s the point of making an estate plan if you lose all your assets during your life?  
  3. Family Harmony is accomplished when a client’s estate and asset protection plan is properly designed because it takes away the guessing.  In fact, our law firm prepares visual flow charts and maps out ownership and management of assets, so clients are not guessing and know exactly how to manage their assets and property.  
  4. Management of assets and properly funding trusts.  When an integrated estate and asset protection plan is created, clients clearly know how and where to place assets into the correct structure.  This is extremely important when clients own more than just one house and bank account.  Additionally, by integrating trusts and designated beneficiaries it allows spouses to keep certain accounts and investments separate while avoiding probate upon their passing.  Many families like flexibility and control by knowing that they can keep control and custody while they are alive and then upon their passing or incapacity the individuals that they trust can then use the legal authority to step in and start managing assets and property.  

 

Integrating estate and asset protection planning is not easy, especially when you have a lot of assets and property; however, our firm does not just tell you what to do, but rather we learn about your goals and life and business and then provide you with solutions based on your goals.  This way you receive the education to make a good, informed decision, but most importantly, you know what to say and do with your financial advisor, CPA, bank, and how to title your assets.

Locations

Henderson Office

10424 S. Eastern Ave., Ste. 101
Henderson, NV 89052

Las Vegas Office

9030 W. Cheyenne Ave., Ste. 210
Las Vegas, NV 89129

Pahrump Office

1321 S. Hwy 160, Ste. 8A
Pahrump, NV 89048

Phone

702.465.0888

Contact Us